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Shanghai index gains 0.9% on back of encouraging economic data
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SHANGHAI stocks rose today as sentiment among investors swelled after industrial output and retail sales rose and new bank lending beat estimates last month.
The Shanghai Composite Index advanced 0.9 percent to 2,070.72 points today and gained 2 percent for the week.
The National Bureau of Statistics said industrial output rose 8.8 percent last month from a year earlier and retail sales increased 12.5 percent.
New bank loans reached 870.8 billion (US$141.7 billion) yuan last month, compared to 774.7 billion yuan in April and market expectations of 750 billion yuan, the People’s Bank of China said in a statement after the market closed on Thursday.
“May saw stabilizing growth in total social financing, while bank loans increased,” Zhu Haibin, China chief economist at JP Morgain, said in a note. “Along with the efforts to tighten shadow banking activities, there has been a notable shift from non-bank financing back to bank loans in recent months.
“Looking ahead, we expect two universal reserve requirement ratio cuts in the second half this year, not as a sign of monetary easing but as a neutral sterilization operation when capital inflows slow down.”
All lenders gained over expectations of easing measures. The Industrial and Commercial Bank of China rose 0.8 percent to 3.74 yuan. Shanghai-based Bank of Communications jumped 1 percent to 3.88 yuan. Shanghai Pudong Development bank advanced 2 percent to 9.73 yuan.
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